FOCUS – January 2021

Welcome to 2021’s first edition of Focus. Trinity would like to wish you all a happy New Year and a brighter and hopefully more prosperous, 2021. The world’s focus remains firmly on the global health crisis, intermixed with a changing political and legal landscape in the US and other jurisdictions. However, the energy and infrastructure needs continue within the markets that Trinity and its clients operate in. With this in mind, this edition of Focus looks at some of the recent developments within the market and some recent deal activity, including Trinity’s role in advising a number of infrastructure investors and lenders in relation to Daystar Power Group’s fundraising for the purposes of accelerating of its growth in key markets in West Africa. We are also pleased to welcome the arrival of a new member to the Trinity team.

Trinity International is pleased to announce it has advised Inspired Evolution, through its Evolution II Fund, on its investment into the energy services company ESCOTEL, alongside co-investors Norfund and Sagemcom. Read more

Trinity is delighted to have advised a consortium of investors in the US$38m Series B fundraising for Daystar Power Group, a Nigerian solar energy provider.

Trinity advised the Danish SDG Investment Fund (managed by IFU), the French development agency PROPARCO, the French impact infrastructure investor STOA Infra & Energy and Climate Impact Solutions Fund LP (managed by Morgan Stanley Investment Managers) on the investment.  Daystar Power Group plans to replace diesel generators and unreliable grid access with clean reliable power and plans on accelerating its growth in key markets in West Africa in the provision of energy efficient solutions for commercial and industrial customers. The deal highlights Trinity’s increased presence in private equity and corporate transactions across the African continent and the depth of our expertise in C&I and other off-grid solutions. The Trinity team comprised Senior Partner Paul Biggs, Head of Private Equity Hugh Naylor, Partner Conrad Marais and Senior Associates Adekanmi Lawson and Jo Sykes. 

New Authorisation Regime for Producing Electricity from Renewable Energy Sources in Tunisia

A law regulating the production of electricity from renewable energy in Tunisia was amended by decree last year. The law was amended due to the need to ensure continuing security of supply, increase the share of renewable energy in the energy mix and raise greater private capital in Tunisia. The key aims are to encourage and facilitate tenders for private investors in the renewable energy sector. Béatrice Huon from our Paris office explores the new regime in greater detail. Read more

Mauritius Added to the List of “High Risk” Countries by the European Commission.

Last year the European Commission added Mauritius to the list of “high-risk” countries in terms of financial regulation. Mauritius was included in this list from 1 October 2020. The Government of Mauritius remains very critical of the Commission’s decision to include Mauritius on the EU List for a number of reasons. The following article by Appleby partner in Mauritius, examines the same in more detail. Read more

Henry Kikoyo joins the Trinity team to expand Trinity’s offering in restructuring and refinancing to our clients.

Trinity International is delighted to announce that Henry Kikoyo is joining the Trinity team as a Senior Consultant. For the past seven years, Henry was a partner in the Restructuring & Finance Department of Brown Rudnick LLP, where he headed their Africa restructuring practice. Henry’s main practice focus areas are debt and corporate restructuring and refinancing. Henry is admitted as a Solicitor in England and Wales and also trained as a Ugandan lawyer. Paul Biggs, Patrick Leece and Simon Norris, the founding partners of Trinity, have known Henry since his time as a project manager, based in Kampala, Uganda on the 250MW Bujagali hydro power plant 20 years ago. We are delighted to be able to now work together with Henry, particularly given his background and our shared history, and in light of a likely increase in relevance in restructuring and refinancing work brought about by current economic circumstances.